• Report: #994138

Complaint Review: Scotttrade Inc.

  • Submitted: Wed, January 09, 2013
  • Updated: Wed, January 09, 2013

  • Reported By: MLS582 — United States of America
Scotttrade Inc.
12800 Corporate Hill Drive St. Louis, Missouri United States of America

Scotttrade Inc. Prohibited Conduct - Certain types of conduct in the securities industry are prohibited, including the following: St. Louis, Missouri

*Author of original report: Do not continue paying them

*Author of original report: Hope this helps

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I Quote From http://www.finra.org/Investors/ProtectYourself/BeforeYouInvest/ProhibitedConduct/

"Prohibited Conduct:
Certain types of conduct in the securities industry are prohibited, including the following:

    1.Recommending to a customer the purchase or sale of a security that is unsuitable given the customer's age, financial situation, investment objective and investment experience. Investment in a particular type of security may be unsuitable, or the amount or frequency of transactions may be excessive and therefore unsuitable for a given customer.
    2.Purchasing or selling securities in a customer's account without first contacting the customer and receiving the customer's authorization to make the sale or purchase, unless the broker has received from the customer written discretionary authority to effect transactions in the account or the broker was given discretion as to price and time. [continued below]....
    3.Switching a customer from one mutual fund to another when there is no legitimate investment purpose for the switch.
    4.Misrepresenting or failing to disclose material facts concerning an investment. Examples of information that may be considered material and that should be accurately presented to customers include: the risks of investing in a particular security; the charges or fees involved; company financial information; and technical or analytical information, such as bond ratings.
   5. Removing funds or securities from a customer's account without the customer's prior authorization.

    6.Charging a customer excessive markups, markdowns or commissions on the purchase or sale of securities.
    7.Guaranteeing customers that they will not lose money on a particular securities transaction, making specific price predictions or agreeing to share in any losses in the customer's account.
    8.Private securities transactions between a broker and a customer that may violate FINRA rules, particularly where the transactions are done without the knowledge and permission of the sales representative's firm.
    9."Trading ahead," which involves placing an order for the firm's account before entering a customer's limit order, without having a valid exception.
    10.Failure by a market maker to display a customer limit order in its published quotes, without a valid exception.

   11.Failing to use reasonable diligence to see that a customer's order is executed at the best possible price, given prevailing market conditions.

  12.Purchasing or selling a security while in possession of material, non-public information about an issuer.

   13.Using manipulative, deceptive or other fraudulent methods to effect a transaction in, or induce the purchase or sale of, a security."

I have first hand knowledge of their violations - A Bank that has been closed for 2 years, yet selling for $65 a share - not the least bit concerned if I bought it.

Their biggest problem - Using manipulative, deceptive or other fraudulent methods, to effect a fee, or sell stock. Its possible, they violated every one, at least once, yet only if you report them - You can report them. I read about several reports, that were reported - one was $450,000 penality

There was perhaps a young lady of St. Louis
Smiled as she rode a tiger from St. Louis
They returned from the ride
With the lady inside,
And the smile on the face of the tiger.

This report was posted on Ripoff Report on 01/09/2013 02:47 PM and is a permanent record located here: http://www.ripoffreport.com/r/Scotttrade-Inc/St-Louis-Missouri-63131-1814/Scotttrade-Inc-Prohibited-Conduct-Certain-types-of-conduct-in-the-securities-industry-994138. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Author of original report

Do not continue paying them

AUTHOR: MLS582 - ()

Do not continue paying them !!!! I can not stress this enough - If you continue paying them your losing more money. There is no guarantee you will get the money - I found no proof of anyone being paid yet.

They told us its only 3 or 4 years yet its near 10 years and older soon - spent near $100,000 - I was told they tell everyone 3 to 4 years. They tell how simple it is - its different. They scare into giving them money - stopped paying them and still tell us its active - they still send mail to pay them.

Collect all your evidence - make sure you go into great detail about everything that was said and written - written will be better - they will see the reasons why they cheated us - with enough people and visual evidence its next to impossible for someone to take their side - therefore its their fault not our fault - find a lawyer someone to sue them - this link will prove people did: http://www.reuters.com/article/2014/12/03/us-usa-sec-lphi-idUSKCN0JH0AM20141203


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#2 Author of original report

Hope this helps

AUTHOR: MLS582 - ()

The U.S. Securities and Exchange Commission has also filed a Life Partners lawsuit accusing the company and three of its executives of securities violations in connection with their use of life expectancy estimates that, according to the SEC, Life Partners knew were materially short. - See more at: http://www.hop-law.com/life-partners-inc/

Life Partners Holdings Inc. and its top two executives were ordered by a federal judge to pay a total of $46.9 million in civil penalties and disgorgement, in a final judgment following a jury verdict earlier this year that found them liable for filing false and misleading securities filings. See more at http://online.wsj.com/articles/judge-orders-life-partners-executives-to-pay-46-9-million-1417641367


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